If I'm understanding my DCU omnicosmic metaphysics correctly (and there's no reason to think I am), Earth-1985 and Multiverse-2 are two sides of the same coin:
Earth-1985 is the pre-Crisis multiverse, living life as though the events of CoIE had never happened. We had
a whole silly thread contemplating what it might look like today a couple o' months ago. It has never officially been explored, and it's questionable whether one can even get there from the "regular" DC multiverse.
Multiverse-2 is another name for the Pre-Crisis multiverse, which the Empty Hand lays credit for destroying (even though that was, in the original telling, the doing of the Anti-Monitor). EH and the Gentry have been feeding off its remains for years, and Pariah explicitly claims that it's his fault it got destroyed.
These two claims seem to be contradictory, but I suspect, as with many things in the DCU, both stories are true. In the current DCU, the previous multiverse got destroyed to make way for the new one, generating more grist for the cosmic conflict machine.
The tragedy of Multiverse-2 is a real thing, along with its orphaned children (like Power Girl). But it's also true that somewhere way out there in the omniverse, Earth-1985 continues blissfully along its merry way.